All Forum Posts by: Kyle Soudalan

@Joe S. What if when you bought the property it already had tenants on a lease? What would you do then? In response to telling them you're not renewing the lease, they adamantly retort they're not leaving and "you'll have to take me to court".

@Dock Newell Jr Are you saying your PM contract includes a "rent protection" service as part of the 10% management fee? And this is in PA.

I know, this topic probably comes up once a week. As usual, newer investors try to exhaust all their options for what to do. Send a notice, eviction, "cash for keys", etc. And more experienced investors likely have a streamlined process of what to do every time they have a tenant who stopped paying rent.

Would anyone pay a service to avoid the headache of dealing with a tenant not paying rent? I.e. pay a monthly fee (X% of monthly rent, for example) to a company that will be responsible for serving notices, paying the legal costs, etc. in the event a tenant ever stops paying rent. Of course that eats into cashflow a bit, but it provides peace of mind (and a large hole in your accounting for losing month(s) of rent) financially and emotionally (because you don't have to deal with it). And while certain kinds of insurance may cover this, that is only financially. You still need to go through the manual work to get the tenant to either pay or evicted.

If not, without repeating the usual suggestions on what to do, what's a unique way that you would handle the risk of future tenants not paying rent?

Let's say I wanted to have an experienced RE investor help me find properties, analyze deals, advise me through the purchasing process, and helping figure out management of the rental units and ongoing issues regarding tenants...where would I go for this? BiggerPockets is of course a great resource, but is very limited: 
- I may have to wait hours, if not days, for someone to respond.
- The more experienced the investor, the busier they are to keep answering my questions on a forum.
- They aren't incentivized to be as helpful given they won't benefit beyond just giving back to the community.

Of course some payment for their time would be expected...but does this exist today? Would this be useful to anyone else or just me?

I've seen some investors here with custom websites for 1-on-1 coaching and such, but there doesn't seem to be an easy way to search through a list of such investors. Thoughts?

@Chris Seveney In a format similar to: https://www.starterstory.com/
I'm a software engineer, so I would whip up a custom website focused primarily on profiling different real estate investors, covering as many specialities as possible (STR, LTR, flipping, etc.).

I own 5 properties myself, so not a crazy ton. But I know enough about REI to uniquely translate the stories more advanced investors can share with those looking to learn. Oftentimes experienced investors have been in the game so long that they forget what exactly newbies struggle with the most and where to dive into further details without glossing over what may seem trivial to them (but not the readers).

I would also want to reward these experienced investors with sharing their time and stories with an engaged audience by providing them a platform to share a particular CTA: whether you have a helpful newsletter, YouTube channel, or looking for leads in a particular area, you sharing your story is also a means to connect with readers in a mutually beneficial way, more than BiggerPockets alone would offer.

What's holding you back from making your first/next real estate investment?

Given there are a lot of experienced investors here, I (and many others) would benefit a lot from learning the full stories of those who have invested in dozens of properties over the course of years/decades. I was thinking an in-depth profile on particular investors about how they got started, how their scaled their investments over time, and how things are going now (best lessons learned) would be good to share.

Would experienced investors be willing to share their stories in great detail? And would newbies/amateurs looking to buy their first property or scale up benefit from reading these profiles?

I actually had no idea about master policies, thanks for sharing that. These are the kinds of things I feel mom & pop investors (such as myself) could save a lot on but we might not know about if we're not as plugged into the real estate ecosystem.

That's what I figured. In my case, because real estate investing is more passive and not my main focus (software engineering is), I rely on Roofstock to source deals throughout the US. It is harder to build a solid network across the country when you purchase property in a new state every time. Curious if you or anyone else has had as much success shopping around if you're not concentrated in one or a few markets.

Hi there!

I've been a real estate investor (typical buy & hold) since 2019 (all properties found on Roofstock). I am about to close on my 5th property (all in my name, no LLCs). I've gotten to the point where I have less time to shop around whenever I go under contract for a new property. I was wondering how everyone shops for: mortgage rates, home insurance, property managers, title policies & fees, negotiate repair costs, etc.

Does anyone use software to either manage properties they already own, to procure new investments, or to shop around for the same services every deal requires (see above). As a software engineer, my inclination is to build an app that can automatically scan (scrape) for services offered by different companies with side-by-side comparisons of the numbers, pros & cons, etc. to optimize cost savings at the start of purchasing a new rental property.

Curious to hear what everyone else does!